9 December 2019
Today’s release of ASIC’s updated RG 209 Credit Licensing: Responsible lending obligations is an important milestone in clarifying responsible lending obligations for banks.
CEO of the Australian Banking Association Anna Bligh said that the updated RG 209 would provide clarity to banks on ASIC’s views on what responsible lending obligations require before offering credit to customers.
“Our member banks take their responsible lending obligations seriously as they seek to comply with the law and meet customer demand to access timely and appropriate credit,” Ms Bligh said.
“This is an important document for the industry to guide each bank’s approach to responsible lending which we will now study closely to assess any impacts it may have on borrowing for customers.
“The industry is pleased to see ASIC has maintained a principles based approach to lending, which as an industry we have called for, and to ensure banks are able to fulfil their obligations without the process becoming too restrictive for customers.
“The industry also welcomes ASIC providing greater clarity in some areas, such as where it is difficult to determine income from certain customers, such as small business owners and gig economy workers,” she said.
ENDS
Contact: Rory Grant 0475 741 007
Latest news
The ABA welcomes the appointment of David Lacey to lead the Australian Financial Complaints Authority’s new external scams dispute resolution service. ABA CEO Simon Birmingham congratulated Mr Lacey on his appointment to this important new role within AFCA. “Mr Lacey brings extensive experience in law enforcement, in fighting financial crime as well as liaising directly… Read more »
E&OERadio InterviewABC Radio National Hour24 March 2026. Topics: Australia-EU free trade deal Fran Kelly (Host): Total two-way trade between Australia and the EU was worth nearly $110 billion in the last financial year, and this Free Trade Agreement is expected to be worth an extra 10 billion in the first year alone. But farmers are… Read more »
Leading Australian business, industry, investment and peak body organisations welcome the conclusion of the Australia–European Union Free Trade Agreement, the establishment of the Australia–EU Security and Defence Partnership, and the decision to fast-track negotiations for Australia’s association with Horizon Europe. These outcomes provide much-needed clarity and confidence at a time when businesses, investors, and researchers… Read more »